PracticeAccounting Firms100 jobs under threat as Tenon weighs up cuts

100 jobs under threat as Tenon weighs up cuts

Tenon could cut up to 5% of its 1,900 UK staff even as it continues to recruit into key service lines

Tenon logo

News of the possible job cuts comes after the top 10 accountancy firm issued
a bullish trading statement earlier this month.

The statement said that the group continued to perform in line with
expectations and prospects remained encouraging: ‘Excellent growth has been
generated in our recovery and related service lines. We expect the phasing of
the downturn in the economy to continue to benefit these services and compensate
for the effects upon parts of our corporate finance and financial services
activities.’

Tenon reported
revenues of £160m in 2008 and specialises in accounting and business advice.

Last week a Tenon statement said: ‘In accordance with our normal practice, we do
not propose to discuss further details.

‘We are wholly committed to the consistent growth of our business and to
improving the flexibility of our employment structures and the careers of our
people.’

Accounting firms including Deloitte, Grant Thornton and PKF have recently
announced plans to cut hundreds of jobs in expectation of slower revenue growth
this year.

A wave of redundancies in financial services has cut the volume of advisory
work for accounting firms.

Merger and acquisition activity has also slowed, reducing another key source
of income for the big firms.

Earlier this month KPMG offered UK staff the option of a four-day working
week or sabbaticals in an effort to avoid redundancies.

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